In today’s digital age, in-person events remain one of the most impactful marketing strategies for B2B businesses. They provide a tangible platform for networking, showcasing products, and building meaningful relationships. However, demonstrating the return on investment (ROI) of these events can be challenging. To help B2B marketers navigate this terrain, this guide offers practical insights on effectively measuring ROI in in-person events, reinforced with real-world examples.
Why Measuring ROI Matters
Understanding the ROI of in-person events is crucial because these events often come with significant investments in time, money, and resources. Without a clear understanding of the returns, it’s challenging to justify spending or refine future event strategies.
Step-by-Step Guide to Measuring ROI
1. Define Clear Objectives
Before diving into the metrics, it’s essential to establish clear objectives for the event. Are you aiming to generate leads, increase brand awareness, or foster relationships with existing clients?
Example: At the upcoming RSA conference, a B2B cybersecurity SaaS company set the following objectives:
– Generate 200 new leads
– Secure meetings with at least 20 potential clients onsite
– Increase brand awareness through social media mentions
2. Identify Relevant KPIs
Once the goals are set, identify the key performance indicators (KPIs) that will help measure success.
– Lead Generation: Number of new leads collected
– Sales Pipeline Contribution: Value of opportunities influenced
– Customer Acquisition: Number of new customers acquired
– Brand Awareness: Social media mentions, press coverage
– Customer Engagement: Number of meetings with existing clients, NPS scores
Example: The SaaS company identified these KPIs:
– 200 new leads
– $1 million in pipeline opportunities
– 20 new customers
– 150 social media mentions
– Meetings with at least 10 existing clients
3. Measure Pre-Event Data
Collect baseline data before the event to compare against post-event results.
Example: Before the event day, the SaaS company noted:
– Website traffic on their digital promotional channel of their involvement in the event: 50,000 monthly visitors
– Leads in CRM: 5,000
– Sales pipeline: $5 million
4. Track Data During the Event
Leverage tools like event apps, CRM software, and social media tracking to gather real-time data.
Example: During the summit, the SaaS company:
– Collected 230 new leads
– Secured meetings with 25 potential clients
– Logged over 200 social media mentions
5. Analyze Post-Event Data
Compare pre-event and during-event data to measure the impact.
Example: Post-event analysis showed:
– Website traffic increased by 20% (60,000 monthly visitors)
– New leads: 230
– Sales pipeline: $6.5 million (up from $5 million)
– New customers acquired: 15
– Meetings with existing clients: 12
– Social media mentions: 210
6. Calculate ROI !
To calculate ROI, use the formula:
ROI = \frac{Net Profit}{Total Investment} \times 100 \
Example: The SaaS company:
– Total investment: $100,000 (event sponsorship, booth setup, travel)
– Net profit: $500,000 (from new deals and upsells)
[ ROI = \frac{500,000 – 100,000}{100,000} \times 100 = 400\% \]
7. Qualitative Feedback
In addition to quantitative data, gather qualitative feedback to refine future strategies.
– Surveys: Send out post-event surveys to attendees.
– Focus Groups: Organize follow-up discussions with key stakeholders.
– Internal Debriefs: Conduct internal reviews to identify areas of improvement.
Example: The SaaS company discovered through surveys that attendees wanted more hands-on product demos, leading them to revamp their booth strategy for the next event.
Conclusion
Effectively measuring ROI in in-person events requires a strategic approach that starts well before the event and continues long after it’s over. Measuring ROI for in-person events requires a blend of quantitative data and qualitative insights. B2B marketers must look beyond immediate financial gains and consider the broader impact on their brand and business relationships.
By setting clear objectives, tracking relevant KPIs, and analyzing both quantitative and qualitative data, B2B marketers can demonstrate tangible returns and refine their event marketing strategies for future success.
Armed with this basic framework, I hope today’s guide will help B2B marketers confidently assess and improve the ROI of their in-person events, ensuring that these high-touch opportunities continue to drive business growth.
Disclaimer note:
The opinions expressed in this post are those of the author. They do not purport to reflect the opinions or views of Thinklogic Media Group or any company and their associates.
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